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| South Korea |
Seoul Moves to Shield Key Export Industries as Trump Targets Pharmaceutical Imports
South Korea has pledged increased support for its biopharmaceutical and auto industries as U.S. President Donald Trump’s tariff plans threaten to impact the country’s key exports. The government announced on Wednesday that it will introduce new measures to aid pharmaceutical exporters once Washington finalizes the scope of upcoming tariffs.
This follows Trump’s recent executive order aimed at accelerating domestic pharmaceutical plant approvals as part of a broader effort to boost U.S. manufacturing and penalize pharmaceutical imports, particularly from countries like South Korea.
South Korea exported $9.59 billion worth of pharmaceutical products in 2024, accounting for 1.4% of total exports, with the United States absorbing 16%—making it the largest destination.
Seoul also reaffirmed support for other vulnerable sectors, including automakers, chipmakers, and steel producers, with additional relief measures being considered beyond previously announced packages.
While South Korea’s semiconductor exports remained resilient last month, the government noted early signs of stress in the auto sector due to intensifying global trade tensions.
Following a second round of ministerial trade talks, South Korea is currently engaged in working-level discussions with U.S. officials to seek full tariff exemptions through a trade package expected by early July.
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